Essential commodities price declined significantly in March 2022 year-on-year

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Essential commodities price declined significantly in March 2022 year-on-year. The price of garlic declined by 23 per cent, onion 9 per cent, coconut and ginger 6 per cent, apple 4 per cent and rice 3 per cent during the month of March 2022 as compared with the same month of last year.

The drop in prices is due to the several proactive and pre-emptive measures of the Government of India to augment domestic availability and stabilize prices of essential food commodities.

As per the data shared by the Ministry of Consumers Affairs, Food, and Public Distribution, there has been a remarkable decline in the prices of several essential commodities. Prices of Jowar and its products dropped to nearly 2 per cent in March 2022 compared to last year during the same month.

Similarly, compared to March 2021, during March 2022, muck melon (kharbooza), pulses-arhar, and tur dal reported a price drop of nearly 1 per cent, moong and urad dal nearly 2 per cent, tamarind nearly 10 per cent, and coconut oil nearly 14 per cent.

Amongst these commodities, garlic had witnessed a significant reduction in prices with a drop in CAGR (Compound and Annual Growth Rate) of nearly 23 per cent.

The price of several commodities are lower than previous years. Similarly, compared to March 2019, in March 2022, a significant drop in the prices of Rice (nearly 5 per cent), Cashew nut (nearly 7 per cent), Ginger (nearly 33 per cent), Tomato (nearly 4 per cent), and Coconut Oil (nearly 3 per cent) is recorded.

A significant reduction is reported in the price of Ginger. Amongst these commodities ginger had witnessed a significant reduction in prices with a drop in CAGR of nearly 12 per cent.

Compared to March 2018, in March 2022, a significant drop in the prices of Rice (nearly 3 per cent), Coconut Oil (nearly 3.3 per cent) Banana (nearly 1 per cent), Coconut (nearly 3 per cent), Cashew nut (nearly 5 per cent), and, Ginger (nearly 12 per cent) is reported. Amongst these commodities ginger had witnessed a significant reduction in prices with a drop in CAGR of nearly 3.3 per cent.

As compared to March 2017, in March 2022, a significant drop in the prices of Rice (nearly 2 per cent), Cashew nut (nearly 0.2 per cent), Ginger (nearly 14 per cent), Garlic (nearly 25 per cent), Split Gram (nearly 12 per cent), Whole Gram (nearly 7 per cent), sugar (nearly 3 per cent) and besan (nearly 10 per cent) is reported.

Commodities for which prices had significantly reduced in March 2022 with respect to March 2016 are Rice (nearly 3 per cent), Wheat/Atta (nearly 7 per cent), Garlic (nearly 17 per cent), Ginger (nearly 22 per cent), Tur/Arhar (nearly 16 per cent) and Urad Dal (nearly 9 per cent).

Commodities for which prices had significantly reduced in March 2022 with respect to March 2015 are Rice (nearly 6 per cent), Wheat/Atta (nearly 8 per cent), and Ginger (nearly 26 per cent). Amongst these commodities ginger had witnessed a significant reduction in prices with a negative CAGR of nearly 4.2 per cent.

Commodities for which prices had significantly reduced in March 2022 with respect to March 2014 are Rice (nearly 10 per cent), Wheat/Atta (nearly 13 per cent), and Ginger (nearly 36 per cent).

Notably, amongst all the commodities considered, Ginger had experienced the lowest price in March 2022 when compared Year-on-Year with respect to the month of March 2014, with an overall drop in CAGR of 6 per cent. (ANI)